King’s Bay Acquires 100% Interest in Three Additional Cobalt Properties in Quebec
Historic samples yielding values up to 2.6% Ni, 1.8% Cu and 1.06% Co
Vancouver, British Columbia (FSCwire) - King’s Bay Gold Corporation (TSX.V: KBG), (FSE: KGB1), operating as “King’s Bay”, a mining exploration and development company based in Vancouver, is pleased to announce the 100% acquisition of three cobalt bearing properties in Quebec.
Kevin Bottomley states “The price for cobalt continues to rise and thus we feel having a greater portfolio of cobalt bearing projects provides the best value for our shareholders. Quebec has a strong history of successful mining ventures and King’s Bay is pleased to build on the exploration work that was done by Falconbridge Ltd. in early 2000.”
1. Ninuk Lake Cobalt Property
The Ninuk Lake Project is located approximately 175 kilometers northeast of Umiujag, Quebec and consists of 19 mineral claims encompassing 2164 acres. A deep-sea port is located 125 kilometers from the property.
In 2001 Falconbridge Ltd. completed an exploration program consisting of surface sampling, mapping and electromagnetics. Surface sampling of massive sulfide in outcrop yielded anomalous values of up to 2.6% Ni, 1.8% Cu, and 0.27% Co. Mapping of the area exposed several lenticular ultramafic bodies containing pods massive sulfide. A small-scale electromagnetics program yielded several subsurface conductors in the area. Due to several other discoveries that year, the exploration work by Falconbridge Ltd. was not followed up. The compilation of these results encourages further work to be completed on the property.
Regional Geology- The area is Neoarchean in age and located within the superior province with ultramafic-felsic rocks including granodiorite, tonalite, paragneiss, amphibolite, peridotite, pyroxenite, and gabbronorite. Structurally the area of interest is bounded to the east and west by two regional fault systems
2. Broadback River Cobalt Property
The Broadback River Project is located only 24 kilometers northwest of the Nuinsco Discovery zone and consists of 9 mineral claims encompassing 1035 acres. The property can be easily accessed by the James Bay Road north from Matagami and then by logging roads to the property approximately 75 kilometers inland.
In 1985 a magnetic and electromagnetics survey was flown by the Quebec Ministry of Natural Resources that uncovered several large conductors. In 1999-2000 Falconbridge Ltd. took 152 samples and uncovered semi massive sulphide assaying 0.7% Ni, 0.3 Cu, and 0.09% Co but only drill tested the northwestern portion of the property. All southeastern conductors remain untested.
Regional Geology- The area is Archean in age and dominated by intrusive gabbro, which cuts felsic and mafic volcanics and iron formation of the Frotet-Evans Belt.
3. Roberge Cobalt Property
The Roberge Project is located 2.1 kilometers southeast of Chesterville, Quebec and consists of 3 mineral claims encompassing 443 acres. The property is easily assessable by a paved road, which runs through the property. Soil sampling on the property revealed several anomalous sediment samples assaying up to 1.06% cobalt. The work was done by the Quebec Government through a regional soil sampling program and can be found in open report DV 84-16.
King’s Bay has commenced data compilation along with the initiation of an exploration plan consisting of sampling, local-scale mapping and channel sampling which will be completed this spring to reconfirm historical results.
NI 43‐101 Disclosure
Edward Lyons, P. Geo. supervised the preparation of the technical information in this news release and is a qualified person as defined by National Instrument 43‐101.
About King’s Bay
King’s Bay is focused on the exploration of cobalt and other high‐tech metals in North America. The company believes in this emerging fast‐growth sector and will continue to seek out and evaluate properties that show promise for development. King’s Bay Gold Corp is operating as “King’s Bay.”
On Behalf of the Board
This news release contains forward-looking information, which is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ from those projected in the forward-looking statements. These forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Risks that could change or prevent these statements from coming to fruition include that the Company may not raise sufficient funds to carry out its plans, changing costs for mining and processing; increased capital costs; the timing and content of upcoming work programs; current geological interpretations may change with more detailed information, potential process methods and mineral recoveries assumption based on limited test work and by comparison to what are considered analogous deposits that with further test work may not be comparable; the availability of labour, equipment and markets for the products produced, the minerals on any of its properties cannot be economically mined, or that the required permits to build and operate the envisaged mine cannot be obtained. The forward looking information contained herein is given as of the date hereof and the Company assumes no responsibility to update or revise such information to reflect new events or circumstances, except as required by law.
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Source: Kings Bay Gold Corporation (TSX Venture:KBG)
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